If the current is switched on, magnetic flux increased across the ring. According to Lenz's law, this increase in flux will be opposed and it can happen if the ring moves away from the solenoid.
This is due to the flux increases will cause a counter clockwise current i.e., opposite direction to that in the solenoid.
That makes the same sense of flow of current in the ring when viewed from the bottom of the ring and solenoid forming same magnetic pole infront of each other. So that, they will repel each other and the ring will move upward.